Cameroon Launches Major Gold Tax Recovery Operation to Reclaim Significant Revenues: Mines Ministry
Cameroon Launches Major Gold Tax Recovery Operation to Reclaim Significant Revenues: Mines Ministry
Starting August 1, Cameroon will launch a major operation to recover approximately $524 million in unpaid taxes and customs duties from undeclared gold exports, the Ministry of Mines, Industry and Technological Development said.
Citing the 2023 Extractive Industries Transparency Initiative report that revealed a gap between declared and shipped gold, the government is targeting operators who evaded payments between 2023 and 2025, including:
▪51 companies underreporting output from traditional extraction;
▪33 newly discovered sites using newer, untaxed extraction systems.
This plan aims to offset the $288 million revenue loss highlighted in the report in 2023, the ministry noted.
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